India-EFTA Free Trade Agreement to take effect on Oct 1: Piyush Goyal

Piyush Goyal, Union Minister of Commerce and Industry, while addressing the valedictory session of the UP International Trade Show, said that developed nations are keen to sign FTAs with India, which has already concluded such agreements with the UAE, Australia and the UK. India’s foreign exchange reserves have reached $700 billion.

Goyal revealed that India is in discussions with the US, EU, New Zealand, Oman, Peru, and Chile, with Qatar and Bahrain also expressing interest. He added that the terms of reference with Eurasia have been finalised, underscoring India’s rising global influence.

Touching upon domestic reforms, the minister highlighted the recent GST changes, describing them as a transformative gift from Prime Minister Narendra Modi during Navaratri. He credited these reforms as part of India’s journey from being a fragile economy in 2014 to becoming the world’s fourth largest today, with ambitions to touch $5 trillion in the next two years, the Ministry of Commerce and Industry said in a press release.

Goyal also pointed out that inflation stands at 2 per cent, the lowest in a decade, while GDP growth reached 7.8 per cent in the last quarter. He stressed that the banking sector remains robust, and interest rates have fallen, creating favourable conditions for inclusive growth.

The minister emphasised the government’s focus on developing North-Eastern and Eastern states, working collaboratively with state administrations. He praised Uttar Pradesh’s remarkable progress, noting it as the first state to set up a dedicated Export Promotion Ministry.

Highlighting sectoral growth, Goyal lauded initiatives like One District, One Product (ODOP), which now spans over 750 districts and covers 1,200 products. He announced the establishment of Unity Malls across states to showcase local products, with three such malls planned for Uttar Pradesh—in Lucknow, Agra, and Varanasi.

Goyal highlighted that UP’s infrastructure development—including the dedicated freight corridor, expressways, airports, multimodal logistics hubs, inland waterways and container depots—has significantly strengthened its trade and industry ecosystem. He concluded by calling the trade show a powerful platform for MSMEs, women entrepreneurs, and swadeshi products, reinforcing the spirit of ‘vocal for local’ and 'local goes global.’

ALCHEMPro News Desk (SG)